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How Buyers Buy

In a recent piece of research, Hinge Marketing and the Rain Group looked at how buyers choose their service provider in various professional service markets. They looked at over 500 sellers and 800 buyers of Business to Business professional services …

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Tony Reiss - If Tesco ran a law firm

Life has its strange coincidences and it is interesting to see what presenting at conferences can inspire in other consultants.  We have long held the view that law firms need to develop from within and this is our aim in assisting …

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To Incorporate, or...

The growing trend towards incorporation, and away from the traditional partnership model, in the legal profession raises the question again of what benefits there are for partners from incorporating their business. Figures released this week by the SRA show that the …

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The Perils of a Fixed Cost Structure

One of the problems we regularly come across working with law firms is the lack of headroom, or buffer, the partners have when it comes to the firm’s cost structure. In balance sheet terms, the late Professor Larry Ribstein summed …

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Targets - Aspirations and Imperatives

In my recent Law Management Section webinar "Using Financial Efficiency to Reduce Costs and Increase Profit" I asked the audience how many chargeable hours per year their firm expects from its fee earners. Over 75% of the audience indicated that …

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Beyond Budgeting

For many firms September represents the midpoint of the financial year and is a good time to review the firm's progress against its budgets. Ironically (encouraged by the Lexcel and LSC franchising), annual budgets have become a key part of law …

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